Gov't bill to impose broader capital gains tax

bbj.hu

Friday, June 16, 2006, 08:30

A raft of proposals submitted to Parliament by the governing Socialist-Liberal coalition late on Tuesday contains a bill which would impose a 20% capital gains tax on all financial investments from September 1, business daily Napi Gazdaság said on Thursday. The new tax would be higher and affect more people than the capital gains tax planned in the government's five-year tax reform package announced a year ago. In the package, the capital gains tax would not have been introduced until 2007, and then at a rate of just 10%. The tax was also to have been levied only on capital gains over an annual Ft 50,000, if total investment earnings did not exceed Ft 250,000. The new bill, however, contains no such exceptions. Private individuals will be required to pay the tax on the basis of certificates from their brokers when submitting their personal income tax returns. The tax on interest will be deducted before the interest is paid. Losses on financial investments may be deferred for two years.(Econews)

Related articles

While the CEE market is a late adapter of zero carbon technologies, it presents opportunities for market expansion via innovative, cost-effective technologies, offering positive public health, quality of life, economic prosperity, and climate outcomes, says a report by the Prince of Walesʼs Corporate Leaders Group (CLG).

The Central European University (CEU), while welcoming a Bavarian offer of financial and technical support for a long-term partnership with the Technical University of Munich (TUM), says that it needs legal guarantees from the Hungarian government if the solution is to work.

E-tail company Extreme Digital is set to merge with eMAGʼs Hungarian subsidiary to form one of the largest players on the CEE e-commerce market, according to an announcement by Extreme Digital at a press conference attended by the Budapest Business Journal on Thursday.

Startup Safari, the annual festival introducing the world of startups in a real working environment with the proactive involvement of the audience, returns to Budapest on April 17-19 this year, and the Budapest Business Journal is offering no less than 30 free tickets for the event.

The management board of the International Investment Bank (IIB), which recently announced it will move its headquarters from Moscow to Budapest later this year, has released a statement denying what it says are “unfounded” media accusations of close ties to the Russian secret service and the Russian state itself.

Wabererʼs International Nyrt. reported an after-tax loss of EUR 20.9 million in 2018, compared to after-tax profit of EUR 18.4 mln in 2017. In an earnings report issued late Tuesday, the new CEO outlined steps to reduce loss-making and make cost cuts.

The Government Debt Management Agency (ÁKK) sold HUF 40 billion of bonds maturing in 2026 and 2028 at a switch auction on Wednesday, accepting bonds expiring in 2020 as payment, state news wire MTI reported.

Hungaryʼs governing populist party Fidesz has been suspended by the center-right European Peopleʼs Party (EPP), the biggest political grouping in the European Parliament, after a vote triggered by what many member parties see as Fideszʼs defiance of EU policies and EPP values, according to breaking reports Wednesday evening.